January 31, 2020 / 7:15 AM / 19 days ago

Billionaire Lawrence Stroll takes stake in ailing carmaker Aston Martin

LONDON, Jan 31 (Reuters) - Canadian billionaire Lawrence Stroll will take a roughly 20% stake in Aston Martin for nearly 200 million pounds ($263 million) as the ailing carmaker raises funds to turn around a poor performance hit by weaker-than-expected sales.

The company will raise a total of 500 million pounds, including a rights issue from existing major shareholders.

Stroll will join the board as executive chairman, replacing Penny Hughes, who will step down, the company said. ($1 = 0.7608 pounds) (Reporting by Costas Pitas; editing by James Davey)

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